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Duhaime's Law Dictionary

Defalcation Definition:

1. Defaulting on a debt or other obligation such to account for public or trust funds. Usually used in the context of public officials. 2. The setting-off of two debts owed between two people by the agreement to a new amount representing the balance.

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Duhaime Lawisms

Lawyers, I suppose, were children once.
Charles Lamb (1775-1834) in The Old Benchers of the Inner Temple

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Unless otherwise noted, this article was written by Lloyd Duhaime, Barrister, Solicitor, Attorney and Lawyer (and Notary Public!). It is not intended to be legal advice and you would be foolhardy to rely on it in respect to any specific situation you or an acquaintance may be facing. In addition, the law changes rapidly and sometimes with little notice so from time to time, an article may not be up to date. Therefore, this is merely legal information designed to educate the reader. If you have a real situation, this information will serve as a good springboard to get legal advice from a lawyer.